Wednesday, May 21, 2014

Save money with EOFYS!

Next month is a fantastic month for your finances. Why? EOFYS! That’s right, end of financial year sales. There are two times of year I consider purchases, especially large items, now and in the new year sales. This year I haven’t just been waiting to snap up a few bargains, I am also comparing services.

Usually when I hear about EOFYS I groan because of the plethora of advertising about all the sales on. This year, instead of groaning, I am doing research! I regularly take time out to make sure I am getting the best deal on everything. Now is the time of year I sit down and do a stocktake to see if there is anything I need from large items like a freezer to smaller items like clothing. In previous years it didn’t occur to me to compare my services as well, aside from health insurance. How can you maximize savings with EOFYS?

1.) Write two lists
The first list is items you need such as clothing, white goods, furniture, electrical appliances and so on. The second list is all the services you use such as insurance, phone, internet, electricity, gas and so on.2.) Work out a budget
Have a budget in mind for each item you need or want. Don’t spend money you don’t have and don’t go burning a hole in your savings. There are bargains galore at this time of year but you need to be sensible or you may end up spending more than you save.

3.) Compare
Compare prices on everything. Companies are competing for your dollar, so make sure you compare thoroughly both their regular offers and limited time offers. For example, as many of you know I had a car accident back in March. It has taken until now to get my car fixed. My first step was to compare and change insurance companies.

4.) Take action
It’s all well and good to know what you want and compare, but unless you take action you won’t see any savings. So once you find a better deal, get it. Change any policies or providers if it works out cheaper. Plan a day to buy the other items you want or purchase them online to be delivered. It’s easy to think “I should compare and switch” or “I should buy xyz in the end of financial year sales” then not actually take any action. I have seen people waste thousands for not taking action and buying at the right times. Just like buying Christmas wrapping paper and decorations is cheapest in January, virtually everything you need is cheapest in the coming month.

Do you plan for EOFYS? Have you considered comparing providers as well as buying bigger items in sales?